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income statement, COGS Schedule, and COGM Schedule Superior Company provided the following data for the yoar ended December 31 (all raw materials are used in
income statement, COGS Schedule, and COGM Schedule
Superior Company provided the following data for the yoar ended December 31 (all raw materials are used in production as direct. materials]: Beginning and ending inventory balances were as follows: The total manufacturing costs added to production for the year wore $685,000, the cost of goods available for sale totaled $750,000 the unadjusted cost of goods sold totaled $663,000; and the net operating income was $30,000. The company's underopplied or overappled overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manulactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured) Complete this question by entering your answers in the tabs below. Prepare an income statement for the year Step by Step Solution
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